Which of the following is a current asset that is expected to be converted to cash,sold,or consumed during the next year (or the normal operating cycle,if longer)?
A) Land
B) Equipment
C) Building
D) Accounts Receivable

Question

Quizplus · Accepted Answer

Accounts Receivable are a current asset that represents amounts owed to the company by its customers for products or services sold on credit. They are expected to be collected within the next year or operating cycle, so they are considered a short-term asset. Land, equipment, and buildings are typically long-term assets that are not expected to be converted to cash or sold within the next year.

Which of the Following Is a Current Asset That Is